U.S. housing starts, permits hit 17-year lows

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The rate of single-family housing starts and building permits issued dropped to the lowest level in 17 years in January, the U.S. Census Bureau and Department of Housing and Urban Development announced today. The seasonally adjusted annual rate of single-family housing starts and building permits issued fell for the 10th consecutive month in January, according to the report. The rate of single-family housing starts was 743,000 in January, the lowest since 604,000 in January 1991. And the rate of single-family building permits was 673,000 in January, the lowest level since 587,000 in January 1991. This rate is a projection of a monthly total projected over a 12-month period, adjusted to account for seasonal fluctuations in construction activity. Single-family building permits issue...